{
\def\sym#1{\ifmmode^{#1}\else\(^{#1}\)\fi}
\begin{tabular}{l*{4}{c}}
\toprule
                    &\multicolumn{4}{c}{Dependent variable: $X_{ni}/X_n$}                                 \\\cmidrule(lr){2-5}
                    &\multicolumn{1}{c}{(1)}         &\multicolumn{1}{c}{(2)}         &\multicolumn{1}{c}{(3)}         &\multicolumn{1}{c}{(4)}         \\
\midrule
$\delta^c \times z_{ni}^{(1)}$&      -0.047\sym{**} &                     &       -0.11\sym{***}&                     \\
                    &     (0.015)         &                     &     (0.023)         &                     \\
\addlinespace
$\delta^c \times z_{ni}^{(2)}$&                     &      -0.040\sym{***}&                     &       -0.10\sym{***}\\
                    &                     &     (0.010)         &                     &     (0.020)         \\
\addlinespace
Constant            &    -5.3e-09\sym{***}&    -5.4e-09\sym{***}& 0.000000017\sym{***}& 0.000000018\sym{***}\\
                    &   (9.4e-12)         &   (2.2e-11)         &   (2.3e-10)         &   (5.3e-11)         \\
\midrule
Upstream $\times$ Downstream FEs&         Yes         &         Yes         &         Yes         &         Yes         \\
Upstream $\times$ Country FEs&         Yes         &         Yes         &         Yes         &         Yes         \\
Downstream $\times$ Country FEs&         Yes         &         Yes         &         Yes         &         Yes         \\
\midrule Sample     &      M only         &      M only         &      S only         &      S only         \\
\midrule$R^2$       &        0.64         &        0.64         &        0.47         &        0.47         \\
Observations        &       48069         &       48069         &       21364         &       21364         \\
\bottomrule
\end{tabular}
}
